Word: chevron
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Dates: during 1980-1989
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...sold out to other buyers at a higher price and thus increased the value of Pickens' stock. Result: he earned huge profits but never took over those companies. Last year Pickens and friends made $760 million through their run at Gulf, which was eventually taken over by Chevron...
Major acquisitions, though, can have some negative consequences. The debt that companies incur to finance takeovers can reduce their earnings and lower their stock prices. Chevron shares fell to a twelve-month low of 30 last week, partly because of its heavy borrowings...
Some industry experts, however, speculated that Pickens was actually hoping Phillips would recruit a so-called white knight, perhaps Shell Oil or Atlantic Richfield, to take over the Oklahoma company. He would then sell his shares to the acquiring company at a premium. That happened last year when Chevron bought Gulf, after Pickens had made an unwelcome takeover bid. He and his partners made more than $400 million on that deal...
...last week disclosed major house-cleaning steps, partly the result of an 18-month slide in oil prices. Texaco announced plans to take a $765 million write-off on its fourth-quarter earnings, partly to reflect the decreased value of several underused refineries and oil tankers. California's Chevron, which merged with Gulf this year, said it may have to lay off some 10,000 workers and sell Gulfs Pittsburgh headquarters...
...Bateman, the Chevron mechanic, tells Madison how he was practicing his coyote call while out fishing. "This old boy just bebopped up to me and said, 'Good morning,' " Bateman recounts. "I didn't have my gun so I just smiled at him and said, 'You lucky...